Summary:
The Senior Community Investments Officer is a highly specialized position with delegated decision-making authority that leads and manages complex Low-Income Housing Tax Credit (LIHTC) equity investment transactions from equity offer through investment approval and closing. This position collaborates with the Community Investments team, Evernorth staff, external partners, sponsors, borrowers, lenders, and developers to analyze and close Evernorth's tax credit investment opportunities. Key competencies include leading deal points and negotiations of LIHTC equity offers and lower tier partnership documents; complex financial modeling; project management and follow-through; analytical and critical thinking; high-level organizational skills and attention to detail; interpersonal skills and collaborative mindset; and promoting the mission of Evernorth to its partners and the public.
Responsibilities- Create and maintain relationships with external partners to sustain a pipeline of LIHTC investment opportunities.
- Analyze prospective investment opportunities including preliminary LIHTC project feasibility, real estate development and market risks, community impacts/benefits, developer/sponsor strength, and financial return.
- Structure LIHTC transactions per investment criteria and pricing parameters, working through underwriting and transaction structuring with Directors of LIHTC Acquisitions, Risk Management, and Capital Strategies, and legal counsel, proposing mitigating adjustments as directed or necessary.
- Lead negotiations of equity offers, underwriting terms, and partnership agreements with developer/sponsor partners while supporting proprietary investors and closing attorney teams. Propose mitigating adjustments as directed or as necessary.
- Ensure completion of due diligence, financial modeling, and analysis of LIHTC developments from signed offer through construction loan closing:
- Perform, manage and/or mentor the process to collect and review information and data presented in appraisals, market studies, environmental reports, credit reports, business plans, corporate and personal financial statements, and other information as needed.
- Perform, manage and/or mentor the identification of key issues, trends, risks, community impacts, and conformance with prescribed underwriting standards, market trends, and portfolio or industry benchmarks. Propose or implement mitigating adjustments as directed or necessary.
- Prepare and manage financial modeling and transaction structuring considerations with external legal and accounting counsel as well as internal Directors of LIHTC Acquisitions, Capital Management, Capital Strategies, and/or Asset Management.
- Review financing and regulatory documents in collaboration with Director of LIHTC Acquisitions and closing attorneys.
- Work with project sponsors to structure transactions and seek opportunities to improve projects by bringing a problem-solving attitude to the work.
- Respond directly to questions regarding specific investor requirements and third party due diligence reviews as requested by proprietary or multi-investor fund investors via the Capital Management team and/or the Director of LIHTC Acquisitions.
- Provide technical assistance to developer/sponsor partners as needed and in support of Evernorth syndication, lending, and real estate development lines of business.
- Identify opportunities to expand other Evernorth lines of business and partnerships.
- Work with Directors of LIHTC Acquisitions, Capital Management, Asset Management, and other Evernorth staff to prepare preliminary project summaries and investment proposals for committee and investor review; attend investment committee meetings and present projects; draft equity offers and intake packages for closing attorneys.
- Lead investments through closing, resolving transaction challenges, satisfying investor requirements, and facilitating timely execution of Limited Partnership Agreement and other closing documents. Propose and implement mitigating adjustments, collaborating with Capital Management and Asset Management staff, project sponsors, consultants, legal teams, and closing parties, as directed or necessary.
- Post investment closing maintain partner relationships and coordinate with Risk Management team to ensure seamless customer service and responsiveness during project construction, lease up, and first year credit delivery.
- Work with Asset and Capital Management teams to maintain and update project related information in the Evernorth database and assist with matrices and data tracking or analysis as needed for Capital and Asset Management needs.
- Provide technical and project-related oversight, training, and guidance to Community Investment Officers, Analysts, and closing staff regarding underwriting, structuring, and financial modeling as directed.
- Provide technical expertise and fluency to support, maintain, and update in house syndication proforma and investment proposal templates as needed.
- Travel within New England and to national events is required; occasional participation in events outside of traditional office hours may be necessary.
- Be aware of trends in the market and propose strategies to overcome challenges.
- Uphold corporate principles of respect, service, value, and partnership.
- Perform other tasks as reasonably requested by Senior staff.
REPORTS TO: Director LIHTC Acquisitions
SUPERVISES: None
EDUCATION, LICENSES AND/OR CERTIFICATIONS REQUIREMENTS:- Bachelor's Degree in business, finance, real estate, accounting, or related field required.
- Formal credit, underwriting, or financial analysis training strongly desired.
- Valid Driver's License required.
JOB KNOWLEDGE AND EXPERIENCE:- Minimum of five to seven years recent syndication, underwriting, financial, or credit analysis experience, preferably in underwriting multifamily and/or commercial real estate, or operating/business loans for established banking institutions, community lending institutions, or private investment entities.
- Direct experience structuring, underwriting, and closing LIHTC or affordable housing investments.
- Advanced understanding of financial analysis including experience with balance sheet, income, and cash flow statements.
- Advanced skills using Excel for financial modeling, and experience with the maintenance and creation of complex Excel workbooks.
- Direct experience writing credit write ups/investment proposals of real estate or business transactions required.
- Advanced knowledge of LIHTC or other federal financing programs is required.
- Direct experience with legal documents supporting real estate transactions or loans is preferred.
JOB ESSENTIAL SKILLS:- High proficiency in Microsoft Office (Excel, Word and Outlook), acquired through professional experience or training.
- Strong organizational, analytical thinking, problem solving, math, and financial analysis skills.
- Excellent written and verbal communication skills with the ability to build and maintain strong relationships.
- Ability to work effectively across locations and communication platforms (phone, video, email, in-person).
- Skilled in managing multiple complex transactions through competing priorities, high details and sensitive timelines.
- Comfortable navigating complex spreadsheets and financial models.
- Effectively prioritize and adapt in a fast paced, exciting environment.
- Ability to work effectively with others on a common task and work independently.
- Dedicated to community impact and aligned with Evernorth's mission and values.
The following are the general Evernorth work environment and physical demands:- Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions of this position.
- Office environment with typically quiet noise levels.
- Periods of sitting, standing, walking, stooping, and bending required.
- Ability to reach with hands and arms, and speak and hear clearly.
- Specific vision abilities include close, distance and peripheral vision, depth perception and ability to adjust focus.
- Substantial computer work, including typing, reading and writing emails.
- Regular use hands and fingers.
- May require driving to meetings and offsite locations in personal vehicle.
- May require lifting up to 20 pounds.
